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研報掘金丨方正證券:維持萬辰集團“推薦”評級,旺季開店有望加速

方正證券研報指出,萬辰集團(300972.SZ)經營基本面持續向好,旺季開店有望加速。Q1實現歸母淨利2.15億元,同比+3,344.13%,其中零食量販業務剔除計提的股份支付費用後淨利潤爲4.12 億元,淨利率爲3.85%,同比+1.36pct,實現良好開局。Q2、Q3 爲開店旺季,有望加速開店。近期公司推出股權激勵,覆蓋核心員工,將進一步激發員工積極性。公司作爲頭部零食量販企業,①零食量販持續開店,折扣超市打開中長期開店空間,收入有望保持高增;②規模效應帶動盈利能力持續提升,Q1盈利能力提升顯著,隨着規模進一步提升&自有品牌不斷髮展,淨利率有望進一步提升;③少數股權有望收回增厚歸母淨利。維持“推薦”評級。

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